Ashurst advised Santander Consumer Bank AG (Santander) on the securitisation of a portfolio of auto loans. The issuer, SC Germany Auto 2018-1 UG (haftungsbeschränkt), issues bonds with a total nominal value of €600 million backed by auto loan receivables. The receivables were sold by Santander. The bonds were placed by Banco Santander, S.A. (through its Santander Global Corporate Banking Division), UniCredit Bank AG and Société Générale S.A.
"Santander is one of the largest and most experienced issuers of auto and consumer securitisations in Germany and the Europe Middle East Africa region. We are extremely pleased to have successfully implemented a multitude of current regulatory changes together with the Santander team", said Dr. Martin Kaiser.
The Ashurst team included partner Dr. Martin Kaiser (lead), senior associate Dr. Sahra Demirbilek and associate Stephan Lehnen (all Global Markets, Frankfurt) as well as partners Dr. Martin Bünning (Tax), Dr. Detmar Loff (Regulatory) and Dr. Andreas Mauroschat (Data Protection). London-based partner James Coiley (Global Markets) advised on aspects of English law in relation to the interest rate derivatives.
Ashurst's securitisation team specialises in True Sale transactions and advises especially on the securitisation of auto loans, auto leasing, auto residual values and trade receivables. The team led by Dr. Martin Kaiser advises originators, arrangers, investors and trustees on all aspects of asset-backed securities.
